Minneapolis became the first major city to eliminate single-family zoning in 2019, but the city has been chipping away at land-use restrictions for a decade. A new analysis from Pew Charitable Trusts reveals how those efforts are paying off. Between 2017 and 2022, Minneapolis increased its housing stock by 12%, while rents grew at just 1%. Those figures stand in contrast to the rest of Minnesota, where the housing stock increased by 4% while rents rose 14%. During those years, nearly 21,000 new units were permitted in the city. As rents remained stable, wages in the city increased, meaning in income-adjusted terms, rents dropped more than 20%. The benefits of more housing have rippled out to the community’s most vulnerable population. Homelessness in Hennepin County, where Minneapolis is located, decreased 12% between 2017 and 2022, while the rest of the state saw a 14% increase. Read more here.
Source: Route Fifty; 1/8/2024